Standard&Poor's Ratings Services assigned its 'A+' long-term and underlying ratings to Hamburg Central School District, N.Y.'s school district general obligation (GO) bonds series 2015. The outlook is stable. The bonds are secured by the district's faith-and-credit pledge. The bonds are further secured by the district's participation in the New York State Aid Intercept Program. We understand proceeds from this issue along with available district cash will be used to refund prior outstanding bond anticipation notes (BANs). The rating reflects our opinion of the district's: Stable, yet limited, economy with strong wealth and income indicators; Stable tax base with no taxpayer concentration; Sound, yet improving, financial position with good reserve levels; and A low debt burden with above-average principal
